Luxury Platforms For China’s Millionaires, Spending Their Money In Cryptocurrency
Bitcoin and other cryptocurrency have made many people rich however some choose to simply exchange their bitcoins for fiat, and others choose to spend their bitcoin on luxury Platforms like Dadiani Fine Arts and The White Company.
Eleesa Dadiani is the founder of the former. Her London-based fine art gallery accepts a range of cryptocurrencies as payment including Bitcoin, Ethereum, and Ripple. The gallery forms part of her Dadiani Syndicate, a platform offering gems, yachts and even private jets to be exchanged for virtual currencies.
While these items may only live on the average person’s wishlist, Dadiani, like other cryptocurrency enthusiasts, believes that this type of payment system should eventually be used by everyone. She said:
We haven’t had a universal currency since gold and silver. A decentralized economy allows for borderless trade, which hasn’t been possible before with such ease; people are used to decision-making in trickles, with the group up top choosing what everyone can and cannot do … cryptocurrency requires a cognitive shift. People need to understand why cryptocurrency should be adopted wider, integrated into our existing way of life, for gradual change.
The White Company describes itself as being “purveyors of luxury to the cryptocurrency world” and if their website is anything to go by, this is exactly what they do. The platform sells extremely high-end products such as valuable art, diamonds, and Lamborghinis. There is currently a Salvador Dali artwork on offer for 79.70 BTC.
Despite China’s clampdown on the cryptocurrency industry, Elizabeth White, the founder, and CEO of the company has said that this is exactly where she is seeing growth in her customer base. She added that some of her customers in Asia “invested early in bitcoin ahead of the 2017 market boom and are looking for ways to spend their crypto wealth.”
The fact that Bitcoin’s astronomical price surges last year did indeed make a few millionaires could potentially mean that more expensive brands will begin accepting cryptocurrencies as payment. White added: